The day will celebrate this select group of outstanding young entertainers, chosen to receive the Variety’s Power of Youth Philanthropy Award, and who, through their efforts, have made significant contributions to their chosen philanthropic and charitable causes.

“I am honored to be recognized by Variety for my work with the Vannie E. Cook Jr. Children’s Cancer & Hemotology Clinic. I am also very grateful to Variety for exposing the charitable endeavors of young entertainment professionals,” Diego told JustJared.com in a statement. “This exposure serves as an amplifying effect to the work we do. I have been involved with children’s causes since a very young age. I am a firm believer in using the platform that my career allows me to become a powerful voice for positive change.”

For a quote from Sarah on being honored by Variety, visit Just Jared Jr.!

Pictured inside: Vanessa and her boyfriend Austin Butler out for a stroll on Thursday (August 16) in Hollywood.

Congratulations to the honorees!!! More details about the event are behind the cut…

The 2012 Variety’s Power of Youth event, dubbed the “World’s Greatest Block Party,” presented by Cartoon Network on the Paramount Studios’ “streets of New York” in Los Angeles on September 15, 2012.

This year’s event, produced in conjunction with Variety’s annual Youth Impact Report, features an exclusive afternoon of festivities, live performances, and PlayStation®3 (PS3™) and PlayStation®Vita (PS Vita) videogames. The day will celebrate this select group of outstanding young entertainers, chosen to receive the Variety’s Power of Youth Philanthropy Award, and who, through their efforts, have made significant contributions to their chosen philanthropic and charitable causes.